Market set to plunge on opening; GDP data in focus

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 204 points at the opening bell.

Investors will keep a close watch on the quarterly GDP estimate for the quarter October-December, 2019 (Q3 of 2019-20), which will be released today, 28 February 2020.

Overseas, most Asian stocks were trading lower on Friday as fears about the novel coronavirus continue to spur a global sell-off.

In US, stocks tumbled to close lower for a sixth straight day on Thursday, taking benchmark indexes to the lowest levels since October, as the global coronavirus epidemic disrupted international trade and travel.

Back home, the market declined for the fifth straight trading session on Thursday. Trading was volatile due to monthly expiry of the February series of derivatives contracts. Stocks fell due to concerns that the global economy could slow down as China struggles to contain the coronavirus outbreak. The S&P BSE Sensex declined 143.30 points or 0.36% at 39,745.66. The Nifty 50 index lost 45.20 points or 0.39% at 11,633.30.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 3127.36 crore yesterday, 27 February 2020, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 3497.50 crore, yesterday, 27 February 2020, as per provisional data.

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